Cactus price target raised to $48 from $44 at BofA
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BofA raised the firm’s price target on Cactus to $48 from $44 and keeps an Underperform rating on the shares. Weakening global oil demand growth and abundant supply is setting up for a challenging 2025 for oil price and Oilfield Services stock picking, the analyst tells investors. The firm believes the current global oil supply/demand outlook demands U.S. Land oil production to flatten “and quickly,” notes the analyst, who has lowered price targets by 6% on average across the group.
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